Thursday, December 19

Auto Component Maker Craftsman Automation Gets Sebi’s Nod for IPO

Auto component manufacturer Craftsman Automation Pvt Ltd has successfully received capital markets regulator Sebi’s approval for the launch of its initial public offerings (IPO).

The firm had filed its draft prospectus with SEBI in June. The two PE backers of the company are Standard Chartered Private Equity and International Finance Corporation (IFC), World Bank’s private-sector investment arm.

The promoters offloading the stakes include Srinivasan Ravi (2.10 lakh shares), Marina III (Singapore) (over 15.59 lakh), IFC (14.14 lakh ) and K Gomatheswaran (up to 12 lakh).

The funds raised by the company through this public offering are expected to be utilized towards the repayment/pre-payment of certain borrowings and for general corporate purposes fully or partly.

Craftsman Automation is a Coimbatore, Tamil Nadu-based company which is committed to creating world-class products, with the highest quality, without compromise in safety and reliability.

With this IPO, the total number of companies getting Sebi’s approval to go for an IPO has reached 42 as of now. In the IPO, Craftsman’s public issue will comprise of fresh shares worth Rs 400 crore and investors’ 4.83 million shares. According to the sources, the size of the IPO is anticipated at Rs 800 crore.

International Finance Corporation (IFC) has 14.06 percent and Marina holds 15.50 percent stake in the company. On the other hand, Srinivasan Ravi holds 52.83 percent stake and K Gomatheswaran holds 7.04 percent stake.